Sihanoukville Apartments for Sale 2026

In 2019, Sihanoukville had over 150 active construction sites, driven almost entirely by Chinese capital. By 2026, more than 40% of those projects remain unfinished, and prices on completed units have fallen 30-50% from their peak. For a disciplined international investor, this is a market that demands cold calculation, not enthusiasm.

Sihanoukville is undergoing a painful but necessary reset. Under Prime Minister Hun Manet, illegal casinos have been shut down, new building regulations enforced, and the Special Economic Zone brought under tighter oversight. The result: a market gradually clearing its excesses. Apartments for sale in Sihanoukville in 2026 fall into two distinct categories - deeply discounted completed units, and a small number of new Class A developments targeting international tourism.

Is this the right moment to enter? The answer depends on your investment horizon, risk tolerance, and a clear understanding of Cambodia's property ownership structure.

Quick answer

Completed apartment prices in Sihanoukville start at $1,200-$1,800 per sqm in 2026, down from $2,500-$3,500 per sqm at the 2019 peak
Foreigners can legally own condominium units from the first floor upward under a hard title - this is the only form of full freehold ownership available to non-Cambodians
Gross rental yields for tourist-facing apartments in the coastal zone are estimated at 6-9% per year, with actual occupancy rates being the critical variable
Cambodia operates in USD - over 80% of property transactions are denominated in US dollars, eliminating currency risk relative to the local riel (KHR)
Rental income tax for non-residents in Cambodia stands at 14%, and investors from most countries must also declare this income locally under their home country's tax rules
Oversupply remains significant - CBRE Cambodia estimated over 20,000 unabsorbed residential units as of 2024; absorption is improving in 2026 but remains slow

Options and scenarios

Scenario 1: Discounted secondary market apartment

This is the most accessible entry point. Chinese investors who purchased off-plan between 2017 and 2019 are exiting the market in volume. Studios and one-bedroom units of 35-50 sqm in completed projects can be found for $45,000-$80,000.

The risks are real. Finishing quality is inconsistent, building management is often chaotic, and owners' associations are largely non-functional. Any purchase must be preceded by a physical inspection and independent verification of the hard title status.

Illustrative calculation:

Purchase price: $60,000 (45 sqm, second floor, city view)
Transaction costs (4% transfer tax, legal fees, due diligence): approx. $3,600
Total entry cost: $63,600
Short-term rental: $35/night at 55% occupancy = $7,026 gross per year
After property management (25%) and withholding tax (14%): approx. $4,500 net
Net yield: 7.1% per year

Scenario 2: New Class A development

A limited number of new projects are being built to international standards, particularly around the Ream area and near the Dara Sakor International Airport corridor, which is attracting Singapore and Malaysian developers. Prices start at around $2,200 per sqm - a 50 sqm unit represents approximately $110,000.

Advantages include higher build quality, professional management, and developer warranties. The risk is that you are paying today for a promise of future delivery - and Sihanoukville's recent history is a reminder that not all projects reach completion.

Scenario 3: Leasehold land plus villa

Foreigners cannot own land in Cambodia outright, but they can enter a leasehold agreement for up to 50 years with renewal options. This opens the door to villa or standalone house ownership. Land prices on the outskirts of Sihanoukville have fallen to $15-$30 per sqm. Construction of a 120 sqm villa adds approximately $60,000-$90,000.

This route typically requires either establishing a Cambodian company or signing a long-term lease agreement. The legal structure is more complex, but it offers greater flexibility in property design and use.

Comparison table

Parameter	Secondary Market Apartment	New Class A Project	Leasehold + Villa
Entry price (USD)	$45,000 - $80,000	$110,000 - $180,000	$90,000 - $150,000
Ownership type	Hard title (condo)	Hard title (condo)	50-year leasehold
Gross rental yield	6 - 9%	5 - 7%	4 - 8%
Developer risk	Low (completed)	Medium to High	Low (self-built)
Resale liquidity	Low	Medium	Very Low
Investment horizon	3 - 5 years	5 - 10 years	7 - 15 years
Management	Independent or local firm	Developer / operator	Self-managed

Risks and mistakes

1. Oversupply is structural, not cyclical. Sihanoukville has thousands of vacant units. The market is improving, but slowly. Rental income projections that assume high occupancy from day one are likely to disappoint.

2. Build quality varies dramatically. Many projects were executed by contractors without adequate experience. Electrical systems, waterproofing, plumbing, and elevator reliability are common problem areas. Always commission an independent building inspector before signing.

3. Land ownership does not transfer to the buyer. Even with a hard title condo, you own the unit - not the land beneath the building. That belongs to the developer or a collective body. This is not a defect unique to Cambodia, but it must be clearly understood before purchase.

4. Exit liquidity is limited. Selling an apartment in Sihanoukville can take 6-18 months. The market lacks the depth of Bangkok or even Phnom Penh. Anyone entering this market must have a patient exit strategy and should not rely on a quick resale.

5. Tax obligations in your home country. Rental income earned in Cambodia is taxable locally at 14% for non-residents. Depending on your country of tax residence, you may also be required to declare this income at home. The applicability of double taxation treaties varies - consult a specialist in cross-border income before investing.

6. USD/home currency risk. Cambodia's USD-denominated market is an advantage for currency stability within the local context. However, investors repatriating profits to euro, sterling, or other currencies carry exchange rate exposure. A 5-10% shift in the USD rate can meaningfully affect net returns in home currency terms.

7. Remote management requires a trusted local partner. Cambodia operates on UTC+7. Managing short-term rentals across multiple time zones without a reliable local operator is a recipe for operational failure. Secure property management arrangements before completing any purchase.

FAQ

Can a foreigner legally buy an apartment in Sihanoukville?

Yes. Foreign nationals can legally acquire a condominium unit under a Cambodian hard title, provided the unit is on the first floor or above. Foreign ownership within any single building is capped at 70% of all units. No local company structure or long-term visa is required for this form of ownership.

What do apartments in Sihanoukville cost in 2026?

Completed secondary market units are priced at approximately $1,200-$1,800 per sqm. New Class A projects start from around $2,200 per sqm. The most affordable units (around 35 sqm) can be found for approximately $45,000.

What are the transaction costs when buying property in Cambodia?

The property transfer tax is 4% of the declared value. Legal fees typically add $500-$1,500, depending on complexity. Total closing costs are usually in the range of 5-6% of the purchase price.

Is Sihanoukville a safe investment destination in 2026?

The Cambodian government has made significant efforts since 2020 to clean up the city - illegal casinos have been closed and building regulations tightened. Security conditions have improved substantially. That said, this remains an emerging market with limited consumer legal protections, and due diligence is non-negotiable.

How does Sihanoukville compare to Phuket or Pattaya?

Sihanoukville is priced 40-60% below Phuket and 20-30% below Pattaya. Gross rental yields are broadly comparable at 6-9%, but Thailand offers significantly stronger tourism infrastructure, deeper liquidity, and more mature legal frameworks. Sihanoukville is a growth play; Thailand is an income play.

Can I finance a purchase with a mortgage?

Mortgage financing for foreign buyers in Cambodia is effectively unavailable at practical terms. Local banks such as ACLEDA and ABA offer limited products, but interest rates are typically 8-12% per year. The overwhelming majority of international investors purchase with cash.

What are the capital growth prospects for Sihanoukville property?

The new Dara Sakor International Airport, a planned expressway from Phnom Penh, and ongoing SEZ development are the primary structural growth drivers. Market estimates suggest that well-located properties could appreciate 15-25% over the next 3-5 years, though this projection carries significant uncertainty given the market's recent history.

What is the minimum recommended investment horizon for Sihanoukville?

A minimum of 5 years is advisable given current liquidity conditions. Investors targeting capital gains rather than rental income should plan for a longer horizon of 7-10 years to allow infrastructure development to meaningfully impact values.

Ready to invest in Thailand or Cambodia property? Send us a request - our experts will find the best options for you.

Sihanoukville Apartments for Sale: 5 Facts Investors Must Know in 2026